Running a business is challenging, but with the rise of accounting tools handling your finances is much less of a headache. If you have a business, having an accounting system in place will give you confidence about the state of your finances. If you don’t have one yet, this is the perfect time to invest in one.
There are several options you can choose from, but what are the accounting tools best for your business? In this article, we’ll discuss important features business owners need to consider for their accounting software (aside from accounting). Don’t forget to take notes and make your investment worth it!
Time Tracking Feature
Other aspects of your business need attention outside of the accounting process, and there are software programs that will allow you to operate your business smoothly. Time tracking software is a reliable tool for effective time management.
Time is a vital resource, especially for small businesses. A time tracking software will help you understand how time is spent in your business and identify areas where you need to focus more of your time on. It can show you documentation of work performance on different tasks.
Project Management Feature
Selling is just one part of running a business. Project management helps small business owners organize and break down specific tasks to allow a comprehensive flow in running business operations. This software increases your efficiency and allows you to monitor if your resources are expended towards completing your business projects.
Customer Relationship Management Feature
Establishing good relationships with your customers is beneficial for your business. Getting feedback and listening to their opinion can lead your business to success. Customer relationship management software can analyze how your customer base interacts with your business.
A CRM feature can give valuable insights into a business relationship, allowing you to retain and gather new customers. For example, a CRM tool can see how people interact with the elements of your business website. If you have more clicks and views on your video content, you can do projects on video content to post to satisfy your customers.
The insights from the CRM feature will help you put your resources in the appropriate area so you can guarantee that you spend them towards the growth of your business.
Communication Feature
If you have employees, communication within the business is essential. A communication tool will allow administrators and employees to maximize business communication. Communication tools also act as an effective channel for project collaborations. Regardless of where your employees work, they can store files and communicate with their members to ensure workflow goes smoothly.
Furthermore, communication tools allow you to communicate with people outside your business. In some situations, customers reach out to businesses, and getting back to them is vital. Whether it is a concern, inquiry, or internal communication, communication features will help improve your business.
Payment Transaction Feature
Payment automation and streamlining greatly benefit your workflow and billing process. If you have a service-based business, this feature is a must-have! Customer payments come weekly, monthly, or annually in a service-based business. Payment transaction features can automatically send invoices to your customers and notify them of their dues.
It can also collect payment from various channels and record proof of transaction on your system once it is complete. This feature will help you track unsettled payments so you can take proper action.
Choose the Right Accounting Software
Accounting software is the key to a smoother and more efficient accounting process. So many accounting software options are available, and choosing the right one for your business is crucial. Because accounting tools can cater to various business needs, it is vital that you understand what you need to maximize the features of your chosen accounting software—that’s why we recommend accounting software that can integrate with the various features above. But why?
Here are some reasons why investing in an integrated accounting software is best for businesses.
All the Work in One System
Imagine opening and running multiple software every time you do accounting. If you’re not well-versed in accounting processes, it will only confuse you. An integrated accounting software allows you to link all your other systems together in software so you can access, see, and use them in one window.
This will lessen the time you need to shift and sign-in to different software. Furthermore, if you have a lot of data, it is easier to track them if you file them using one software. Integration saves time and improves accounting accuracy.
Continuously Evolving
As businesses continue to rise, different providers develop new ways to make running a business more efficient. When you have an integrated system in place, you will always be updated with new features on your chosen accounting software.
Better Efficiency
If you have your own team for accounting, it is essential that they can access the data and information they need as quickly as possible. An integrated system allows you to store these data points in a centralized location which your team members can easily access.
Furthermore, when new data is entered, it automatically syncs with the entire system—when you need to see your financial data, you’ll always have the latest version. You don’t have to wait for updates from different individuals to get a quick overview of your finances.
Yay or Nay: Investing in Business Accounting Tools
Accounting tools make running a business easier. Still, many business owners are reluctant to invest in one for their business. To help you out, here are the advantages of using accounting tools.
Saves Time
Let's go back to the basics. Bookkeeping is the process of recording and organizing all your business transactions. Recording ten transactions daily is completely manageable. But as your business grows, the transactions do too, and it will be harder for you to keep up with them.
If you have 100 transactions each day, how long will it take you to record and categorize them? Software can shorten the process for you so you can focus on other aspects of your business.
Provides Accurate Financial Data
The danger of doing things manually is it's prone to error. If you're still doing accounting on Excel sheets, your computation will likely go wrong as you enter more data. Not to mention how tedious it is to spot and fix your mistakes.
Accounting tools can guarantee that your financial data is accurate and automatically reflects on the system whenever you make changes. So, whenever you need to generate a report, all the information is correct and valid.
Automates Workflow
There are accounting tools that can run and automate many aspects of your business, so you don't have to subscribe to multiple software. Basic accounting processes—like inventory management, expense tracking, bookkeeping, and payroll services—can be accomplished in a single program.
This will make your business process easier, faster, and more accurate. You don't need to worry about mistakes that could be detrimental to your business.
Expert Ecommerce Accounting With Unloop
If you are unsure how to use automation tools and advanced accounting options, you can try the services of a professional accountant. Unloop offers a competitive expert team to handle your accounting needs so you can focus on aspects of your growing business.
Our professional accounting services include:
- Bookkeeping Services: We’ll provide your business with critical financial reports such as monthly income statements, balance sheets, and cash flow statements.
- Accounts Payable Services: Our services automate your workflow and guarantee that you can pay your vendors on time.
- Forecasting Services: We’ll provide key insights and identify your business's pain points early so you can strategize your finances for the coming months.
- Payroll Services: We'll run your payroll and link your account to a cloud-based program for payroll management. We’ll also handle payroll taxes to ensure your employees pay their tax obligations.
- Tax Services: We’ll calculate and file taxes for you, and link your business to taxation software for easier tracking. Whether you need sales or income tax help, we have you covered.
We hope this article helps you choose your accounting tools wisely. If you need professional ecommerce services, book a call with Unloop today!